Resolve to Keep Your Finances Healthy
When New Year's resolution time arrives, many people focus on achieving better health by exercising more and eating less. But a new year is also a great time to evaluate your financial well-being. If certain money matters make you feel under the weather, these prescriptions from Chaco may be just what the doctor ordered.
Ailment: Savings Slump
Rx: Certificate
As of the second quarter of 2007, the personal savings rate of Americans was less than 1% of disposable personal income.* If you're having trouble saving, you're not alone. However, a certificate from Chaco can help take your savings higher. When you open a certificate with us for a specified term, you lock in a guaranteed higher rate than a regular savings account. What's more, your money is protected by the NCUA. Depending on your goals, a money market account or individual retirement account can also help boost your savings.
Ailment: Costly Dealer Financing
Rx: Auto Loan
Is dealer financing worth it? In many cases, it isn't. Before making an auto financing decision, look closely at the rebate option and the finance period. Often, dealership financing means not only forfeiting a rebate, but also having a short financing period that may include a balloon payment at the end. At Chaco CU, we can tailor an auto loan to fit your budget and help you save money over dealer financing.
Ailment: Fixer-upper Home
Rx: Home Equity Loan or Line of Credit
Whether you recently bought an older house or your current home is showing some wear and tear, your home's equity can be used for repairs, renovating and redecorating. Choose between a home equity loan that gives you a lump sum for a large one-time expense or a home equity line of credit that you can draw from for rotating expenses. Using your home's equity to finance remodeling projects is smarter than using a credit card with a higher interest rate. Another savings plus: Home equity interest is usually tax-deductible.**
Healthy, Wealthy and Wise
It's our goal to help you be financially fit in the new year and beyond. To learn more about our products and services, visit us at www.chacocu.org, call 513-785-3500 or stop by and speak with us in person.
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